Penske Automotive Group said Tuesday it has bought the Jaguar and Land Rover dealerships in Paramus, N.J., from the Prestige Family of Fine Cars. Penske expects the purchase to generate about $215 million in annual revenues. "We are pleased with the opportunity to add the Jaguar and Land Rover dealerships in Paramus to the Penske Automotive […] [Read More]

On Tuesday, Black Book announced an agreement to power vehicle trade appraisal for AutoGravity, a mobile auto financing tool that recently surpassed 200,000 downloads of its native iOS and Android smartphone apps. The Internet is increasing in prominence for every part of the vehicle-buying process. A recent survey from eBay Motors found that 87 percent […] [Read More]

Jumpstart Automotive Media announced on Monday that it found the Chevrolet Impala — one of two Chevrolet models recently named on Consumer Reports' 10 Top Picks of 2017 list — to be the most cross-shopped non-luxury vehicle amongst consumers last year. “Chevrolet Impala’s size lends itself well to consumers who are deciding between midsize or […] [Read More]

After climbing for two consecutive months, the American Bankruptcy Institute noticed filing volume tapered off in February as total U.S. bankruptcy filings decreased 10 percent year-over-year. According to data provided by Epiq Systems, bankruptcy filings totaled 58,336 in February, down from the figure generated in the same month last year, which was 64,712. ABI also […] [Read More]

Subprime auto finance company Consumer Portfolio Services recently announced its top performing auctions for 2016. The event, attended by the 2016 winners along with CPS remarketing manager Mike Scott and senior vice president of asset recovery Laurie Straten, was held at the CAR Convention last week in Las Vegas. Award winners for 2016 are as […] [Read More]

GM’s big moves in Europe to kick off the week seem to be financially prudent ones, say analysts with Cox Automotive. General Motors said Monday it has reached a deal with PSA Group that will move its Opel/Vauxhall unit and the European operations of GM Financial into the PSA Group. PSA would acquire Opel/Vauxhall for 1.3 […] [Read More]

Recent press about subprime auto loan performance has highlighted concerns about this market segment. Some has said, “The Federal Reserve recently expressed concern that delinquencies among auto borrowers with weak credit has been rising.” A recent article in USA Today entitled, “It’s Tougher to Get a Credit Card, Car Loan,” noted that the number of […] [Read More]

The Ontario Motor Vehicle Industry Council has a new chief executive officer. The regulator said Monday that John Carmichael will take on the CEO role starting Wednesday. “We wanted to ensure we found exactly the right person, with the necessary experience and skill set, to lead OMVIC and to ensure its ability to meet its mandate […] [Read More]

CompetitorPro announced that Eric Cotter — former TrueCar vice president of used car product — has joined chief executive officer and founder Steve Greenfield, who started the company in August as the co-founder. In January, Greenfield introduced the CompetitorPro product to dealers at the NADA Convention & Expo. CompetitorPro is an intelligence solutions tool designed just for automotive […] [Read More]

Stifel Nicolaus chief economist Lindsey Piegza and Comerica Bank chief economist Robert Dye each examined the comprehensive commentary offered by Federal Reserve chair Janet Yellen regarding the possibility of another interest rate move arriving next week. After taking in what Yellen said during her speech at The Executives' Club of Chicago last week, Dye thinks he […] [Read More]